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Ghana President Tells Lenders to Reduce Their Interest Rates

  • Lending rates do not reflect monetary easing by central bank
  • Cost of debt continues to weigh on private sector’s expansion
Nana Akufo-Addo
Nana Akufo-AddoPhotographer: Misha Friedman/Bloomberg
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Ghana President Nana Akufo-Addo said the country’s banks should cut their lending rates for clients.

Lenders are failing to pass on lower rates from the central bank and are standing in the way of economic progress, Akufo-Addo said Wednesday in an emailed copy of a speech he delivered at the Ghanaian unit of Ecobank Transnational Inc. in Accra, the capital.